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Employment Verification with Reliable Data

Auto lenders need to be able to engage in employment verification as quickly and as accurately as possible. Even more importantly, lenders must be able to access the individual’s employment verification records and authenticate their current income in order to deliver an accurate lending decision. Automotive sales is a highly competitive industry, so the ability to make an assessment of a customer in seconds is helpful both for the dealership and for potential customers.

In order to provide auto lenders with the accuracy and speed they need for lending decisions, FNI partners with The Work Number, the largest centralized payroll information warehouse in the US. Phil Mazza, CEO of FNI, puts it this way: “The Work Number has a long history and many years of expertise in providing employment verification and income verification. They are a trusted partner, and their platform and their understanding of the regulatory system is excellent.”  

In the past, customers had to personally supply W2 forms or paycheck stubs to allow for employment verification. With more sophisticated technology and techniques, it became possible to falsify or alter these documents. Since The Work Number works directly with payroll providers, it offers a direct feed from the payroll database to verify income. This provides a major security enhancement for lenders, as it resides outside of the custody of the person applying for the loan.

For lenders, verifying income and employment right at the beginning of the process through a third party mechanism is hugely important. Auto lenders need to ascertain that information in order to make the best loan judgement in a highly competitive industry. Lenders need to be able to quickly provide financing information, but also make sure they’re offering financing to qualified individuals.

Providing Access to Payroll Providers

It’s also essential that auto lenders have access to as many payroll providers as possible, and The Work Number has worked hard to provide access to a large number of employers. In fact, The Work Number is the largest centralized payroll information warehouse in the US. It draws data from over 10,000 employers across the country, including 82% of Fortune 500 companies and a large number of federal and local government employees. The database is continually growing and is always up to date. All employment records contained in The Work Number database are refreshed after every payroll cycle in order to provide the most current employment verification information.

FNI is committed to providing lenders with choice when it comes to income and employment verification. Partnering with The Work Number allows greater diversity of access to this data.  

CEO Phil Mazza explains, “The name of our company is the Financial Network, Incorporated. The word “network” in our name speaks to our desire to provide a broad network of choices for our lenders. We offer a range of high quality options so a lender can tailor the right fit for their lending process. The Work Number is a great addition to our repertoire of integration partners. They are market leaders in their segment, so partnering with them was an easy choice.”

Schedule a demo to see first-hand how The Work Number and all of the FNI integration partners provide loan origination enhancements in security and user experience.

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